Courtesy of Terry Day
- Terry Day, a realtor from Phoenix, used an assumable mortgage to purchase a home in October.
- He said the financing option is saving him $1,000 on his mortgage each month.
- Challenges can arise when originating these types of loans; many lenders are unfamiliar with them.
In today's high-interest rate environment, housing affordability has fallen to an all-time low — but some homebuyers have been able to save hundreds of dollars on their monthly mortgage payments.